HomeMy WebLinkAbout1978-2160 ORDINANCE NO. 4/60
AN ORDINANCE fixing the time of delinquency of installments of assessments
levied for the payment of the cost of the improvement in Local
Improvement District No. 1007 , and providing for the issuance
of bonds with coupons attached for the payment of the unpaid
portion thereof.
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. That there is unpaid the sum of $ 373,084.24 for
the improvement made in Local Improvement District No. 1007 , as created
and established by Ordinance No. 1884 , as amended by Ordinance No. 1912
of the Ordinances of the City of Yakima, which shall be paid in 10 equal
annual installments, the first installment to be paid on or before the 18th
day of fetruary , 19 79 , with interest on the whole unpaid sum at the
rate of 6-3/4 per cent per annum, and each year thereafter one of such
installments together with interest thereon and on the installments thereafter
to become due at the rate of 6-3/4 per cent per annum shall be due and payable
on or before the 18th day of February in each year, and shall be
collected in the same manner as is provided by law and the Ordinances of the said
City.
Section 2. If any of the said installments of principal or
interest is not paid on or before the 18th day of February of each
year in which the same shall be payable, as provided in Section 1 hereof, the
same shall thereupon become and be delinquent and shall be collected as provided
by the laws of the State of Washington and the Ordinances of the City of Yakima,
and said delinquent assessments shall bear interest at the rate of 6-3/4 per
cent per annum until paid and be subject to a charge of 8 per cent penalty
upon both principal and interest due thereon.
Section 3. For the payment of the unpaid balance of the cost and
expense of said improvement in said Local Improvement District No. 1007
there shall be issued bonds of the District in the sum of $ _373,084.24
said issue to consist of 373 bonds in the denomination of $ 1,000.00
each and one bond of the denomination of $ 84.24 to be numbered from one
upwards consecutively, and shall bear interest at the rate of 61/2 per
cent per annum, payable annually on the 10th day of March each
year, the several installments of interest to be evidenced by coupons attached
to said bonds and both principal and interest shall be payable at the office of
the City Treasurer in the City of Yakima, Washington.
Section 4. The bonds provided for herein shall be substantially
in the form prescribed by Section 8.12.140 of the City of Yakima Municipal Code.
They shall be issued under date of March 10 , 19 78 , and approximately
nn/tenth of said bond issue shall be payable on or before the
10th
day of March of each year thereafter, to and including the
iutn
day of March , 19 90 ,
Section 5. This ordinance is one relating to local improvements or
assessments therefor and shall become effective immediately upon its passage,
approval and publication as provided by the City Charter.
PASSED BY THE CITY COUNCIL, signed and approved this 27th d
of February , 19 78
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CLERK
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